November 15, 2018
Finance

ECB nominates Italian as top eurozone banking supervisor

The European Banking Authoritys chair, Andrea Enria, is set to become the new chief of the European Central Banks supervisory arm.

A secret ballot vote in the ECBs governing council today confirmed the nomination of Enria, who beat Irelands deputy central bank governor, Sharon Donnery, in a two-horse race.

The Italian will oversee the ECBs banking supervision responsibilities, which include ensuring that banks have sufficient capital buffers to weather future financial crises.

Enria will succeed the incumbent Danièle Nouy on January 1 after the Frenchwomen steps down the day before. The job carries a five-year term.

Irelands loss against Italy will likely pave the way for Irish Central Bank Governor Philip Lane to take up a position on the ECBs executive board next year.

Replacing Nouy is the latest round in the top-job succession process within the eurozones central bank after the former Spanish Finance Minister Luis de Guindos clinched the ECBs vice presidency earlier this year.

ECB executive board member and chief economist Peter Praet is the next eurozone heavyweight to step down, on May 31 next year, and Lane is seen as a heavy favorite to take up the baton.

ECB President Mario Draghi will also step down on October 31, 2019.

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